Morgan Stanley announced its plan to launch Morgan Stanley Wealth Management Canada, a full-service wealth management offering to complement the existing Shareworks by Morgan Stanley stock plan administrative services it provides to executives and employees who reside in Canada (subject to regulatory approval). Morgan Stanley has selected Canaccord Genuity as its local platform provider to support the deployment of this new business.
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“The creation of Morgan Stanley Wealth Management Canada will add wealth management services to our comprehensive suite of workplace financial solutions”
Morgan Stanley acquired Calgary-based Solium Capital Inc. (rebranded Shareworks by Morgan Stanley) in May 2019 and formed the Morgan Stanley at Work suite of financial solutions. Shareworks by Morgan Stanley has been operating in Canada since 1999 and services more than 350 Canadian Companies, comprising over 70% of the companies listed on the TSX60. Its client base includes more than 275,000 Canadian stock plan participants who hold more than US$17.5 billion in assets.
“The creation of Morgan Stanley Wealth Management Canada will add wealth management services to our comprehensive suite of workplace financial solutions,” said Brian McDonald, Head of Morgan Stanley at Work. “Taken together, these solutions will help to maintain and strengthen the competitiveness of Canadian companies by meeting the breadth of their employees’ needs.”
Morgan Stanley has had a longstanding and uninterrupted presence in Canada since the 1960s. It has offices in Toronto, Calgary, Vancouver and Montreal and employs over 1,500 Canadians across a diverse group of businesses, including Institutional Securities Sales & Trading, Investment Banking, Capital Markets, Commodity Trading and a Technology Center. “Morgan Stanley’s leading U.S. wealth management platform has over US$2.4 trillion in assets under management and is supported by more than 15,000 financial advisors. We’re excited to expand our wealth management footprint into Canada with a solution that’s tailored to the Canadian market,“ said Laura Adams, Head of Institutional Distribution in Canada and Morgan Stanley Wealth Management Canada.
Morgan Stanley’s wealth management offering in Canada will include full-service Financial Advisors, virtual Financial Advisors, a discount self-directed investing solution and online investment management. Greg Gatesman, Co-Head of International Wealth Management at Morgan Stanley noted, “We are pleased to have Canaccord Genuity as our platform partner, delivering a suite of clearing, custody and wealth management solutions.” Stuart Raftus, President of Wealth Management at Canaccord Genuity in Canada added, “We are pleased to provide Morgan Stanley with a number of customized solutions in support of this new venture. It’s a testament to the breadth and depth of Canaccord Genuity’s capabilities.”
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